Heritage Bank Plc
“Can a mid-tier Nigerian commercial bank built through acquisitions survive Nigeria's banking consolidation pressure? (Answered no — license revoked 2024.)”
Founded2013
HQLagos, Nigeria
IndustryBank / National
The story
Heritage Bank Plc was a Nigerian commercial bank formed through the acquisition of Societe Generale Bank of Nigeria (2012) and Enterprise Bank Limited (2014-2015). It operated as a full-service Nigerian bank offering SME lending, corporate financing, and retail banking. In June 2024, the Central Bank of Nigeria revoked its banking license and the Nigeria Deposit Insurance Corporation was appointed as liquidator, effectively ending operations. The company is currently in liquidation.
Product timeline
2012
Acquired Societe Generale Bank of Nigeria (SGBN)· acquisition
2013
Heritage Banking Company Limited launched under CBN license· banking
2014
Acquired Enterprise Bank Limited (EBL) via AMCON-supervised bid· acquisition
2015
Business combination of HBC and EBL formed Heritage Bank Limited· banking
2024
CBN revoked banking license; NDIC appointed as liquidator· pivot
Acquisitions
Regulated entities
1
regulatory licence held by Heritage Bank Plc
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
1 layer disclosed in Heritage Bank Plc’s embedded-finance stack
Lending
Heritage Bank Plc (in-house)Paris Klub SME (PKS) SchemeSME lending without collateralCorporate financeMSME clinic
Accounting gap: none